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1 Apr 2015
Gold lifted above USD 1185 amid risk-off mood
FXStreet (Mumbai) - Gold prices on Comex snapped its three-day of losses and remained higher in the European morning as subdued global equities and increased safe-haven bids surrounding Iran talks keeps the yellow metal underpinned.
Gold capped 5-DMA
Currently, gold trades higher by 0.22% at 1185.50 levels, recovering previous losses as the US dollar remains offered against its major peers. The US dollar index which measures the relative strength of the greenback against a basket of six major currencies trades lower by -0.20 % at 98.50 levels, making gold cheaper in other currencies and so more attractive for foreign investors.
However, gold prices remain cautious ahead of Friday's US jobs report that may hint more about the timing of the Federal Reserve (Fed) rate hike.
While hholdings of the fund stood unchanged at 737.24 tonnes on Tuesday for the third straight session. Traders will be eyeing the release of US ISM manufacturing PMI for further impact on the gold prices.
Gold Technical Levels
The metal has an immediate resistance at 1190.50 (5-DMA) and 1192.27 (10-DMA) levels. Meanwhile, support stands at 1180 levels below which doors could open for 1175 (20-DMA) levels.
Gold capped 5-DMA
Currently, gold trades higher by 0.22% at 1185.50 levels, recovering previous losses as the US dollar remains offered against its major peers. The US dollar index which measures the relative strength of the greenback against a basket of six major currencies trades lower by -0.20 % at 98.50 levels, making gold cheaper in other currencies and so more attractive for foreign investors.
However, gold prices remain cautious ahead of Friday's US jobs report that may hint more about the timing of the Federal Reserve (Fed) rate hike.
While hholdings of the fund stood unchanged at 737.24 tonnes on Tuesday for the third straight session. Traders will be eyeing the release of US ISM manufacturing PMI for further impact on the gold prices.
Gold Technical Levels
The metal has an immediate resistance at 1190.50 (5-DMA) and 1192.27 (10-DMA) levels. Meanwhile, support stands at 1180 levels below which doors could open for 1175 (20-DMA) levels.